US spot Bitcoin exchange-traded funds suffered their largest one-day withdrawal since June on Wednesday, losing $484.9 million in net assets and reversing the previous session’s $118.8 million inflow. The outflow also erased the gains accumulated by the funds during October’s first four trading sessions.
Bitcoin ETF outflows reverse October’s early gains
According to Cointelegraph, data from Farside Investors showed that Wednesday’s withdrawals were the biggest recorded by US spot Bitcoin ETFs since June 25, when investors pulled $691.7 million from the funds.
The latest outflow wiped out the $321.6 million in net inflows recorded during the first four trading days of October. As a result, the group moved to approximately $163 million in net outflows for the month.
Spot Bitcoin ETFs hold Bitcoin directly and allow investors to gain exposure to the cryptocurrency through exchange-traded shares rather than owning and storing the asset themselves. Daily net-flow figures indicate whether more money entered or left the funds during a trading session.
BlackRock’s fund leads withdrawals
BlackRock’s iShares Bitcoin Trust, known by its ticker IBIT, recorded the largest outflow among the funds, with $207.7 million withdrawn. Fidelity’s FBTC followed with $105.1 million, while ARK 21Shares’ ARKB recorded $101.7 million in outflows.
The move was a sharp reversal for IBIT, which had attracted $122 million in net inflows on Tuesday. The data did not identify a specific reason for Wednesday’s withdrawals.
Bitcoin was trading near $82,700 on Thursday, down about 2% over the preceding 24 hours, according to CoinGecko. Moneyiar market data at 09:14 on October 8 showed Bitcoin at $82,980.21, down 1.13% over 24 hours and 0.78% over seven days.
Ether ETFs extend losing streak
US spot Ether ETFs also recorded withdrawals on Wednesday. The funds lost $160.9 million, marking their seventh consecutive trading session of net outflows.
Since September 29, Ether funds have shed approximately $569 million. BlackRock’s iShares Ethereum Trust, or ETHA, accounted for $116.1 million of Wednesday’s withdrawals, while Grayscale’s Ethereum Trust, ETHE, posted $25.8 million in outflows.
Moneyiar data at 09:14 on October 8 put Ethereum at $2,563.44, down 1.74% over 24 hours and 4.66% over seven days. The simultaneous withdrawals from Bitcoin and Ether products show a weaker flow picture across the US spot crypto ETF market, although the figures describe fund movements rather than the broader investment outlook.
